Form 4: Garmin Director Jonathan Burrell Reports Significant Changes in Beneficial Share Ownership

Garmin Ltd. Director Jonathan Burrell filed a Form 4 detailing the acquisition of restricted stock units, the vesting and tax-related disposition of previous awards, and substantial transfers of shares between various family trusts and entities.

Summary

• Garmin Ltd. Director Jonathan Burrell reported changes in his beneficial ownership of Garmin shares through a Form 4 filing.
• On June 6, 2025, Mr. Burrell acquired 858 registered shares as a grant of restricted stock units (RSUs) under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan, which are scheduled to vest on June 6, 2026.
• On June 7, 2025, 1,090 shares from a previously granted RSU award (dated June 7, 2024) were released to Mr. Burrell; of these, 273 shares were withheld at a price of $207.45 per share to cover tax liabilities.
• Following these transactions, Mr. Burrell's direct beneficial ownership stands at 9,351 shares, which includes the 858 unvested shares from the recent grant.
• On June 9, 2025, a significant transfer of 508,902 registered shares occurred from grantor retained annuity trusts (GRATs) established by his mother, where he holds a remainder interest, to his mother's revocable trust, where he is a co-trustee and also holds a remainder interest.
• Mr. Burrell's indirect beneficial ownership includes 533,800 shares held by GRATs he established, 5,725,248 shares held by GRATs established by his mother, 394,478 shares held by LLCs, 1,044,833 shares held by a trust for his benefit, and a total of 2,738,545 shares held by his mother's revocable trust (comprising 2,229,643 existing shares and the newly acquired 508,902 shares).

Sentiment

Score: 5

Explanation: The document is a routine insider transaction report, providing factual information about changes in beneficial ownership without indicating positive or negative implications for the company's operational or financial performance.

Positives

• The grant of 858 restricted stock units aligns the director's interests with long-term shareholder value, demonstrating continued commitment to the company.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction, focusing solely on insider ownership changes.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions and does not provide information relevant to broader industry trends or competitive analysis.

Related Party Transactions

• The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him, with his children holding remainder interests.
• The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, where he holds a remainder interest.
• The reporting person is the manager of several limited liability companies wholly-owned by a GRAT remainder trust established for his benefit.
• The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.
• The reporting person is a co-trustee of his mother's revocable trust, her attorney in fact, and holds a remainder interest in the securities held in such trust.

Stakeholder Impact

• Shareholders: The report provides transparency on a director's equity holdings and transactions, which is standard for corporate governance. The transactions are routine and do not indicate a significant impact on shareholder value.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this filing.

Next Steps

• The 858 restricted stock units granted on June 6, 2025, are expected to vest on June 6, 2026.

Key Dates

Keywords

Garmin, GRMN, Form 4, Insider Trading, Beneficial Ownership, Director, Restricted Stock Units, RSU Grant, Trusts, GRATs, Equity Incentive Plan